Iron ore pulls back from 3-week high as investors await signs of demand recovery
BEIJING, Aug 28 (Reuters) -Prices of iron ore futures pulled back on Wednesday from nearly three-week highs, as investors turned cautious ahead of data this week that could gauge better whether steel demand in top consumer China has shown signs of recovery.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 recouped early losses to end morning trade 0.2% higher at 756 yuan ($106.02) a metric ton, following an increase of more than 3% in the previous session.
The benchmark September iron ore SZZFU4 on the Singapore Exchange was down 0.44% at $101.25 a ton, as of 0334 GMT, after hitting an intraday high at $102.5 a ton earlier in the session.
Both benchmarks touched nearly three-week highs on Tuesday when they had risen for two straight sessions.
"The valuation of the ferrous market has recovered a bit thanks to the persistent price rally and futures prices of steel products and iron ore are slightly higher than their counterparts in the spot market," said Cheng Peng, a Beijing-based analyst at Sinosteel Futures.
"A further uptrend will require more stimulus policies or a clear sign of downstream demand recovery."
It's mainly the strong expectations of improving demand after mills resume production for the upcoming peak consumption season that had driven this wave of price rebound, analysts at Guotai Junan Futures said in a note.
Most steel benchmarks on the Shanghai Futures Exchange continued their uptrend despite at a slower pace. Rebar SRBcv1 and wire rod SWRcv1 rose 0.4% each, hot-rolled coil SHHCcv1 ticked 0.2% higher. Stainless steel SHSScv1 edged down 0.1%.
Other steelmaking ingredients on the DCE extended gains, with coking coal DJMcv1 and coke DCJcv1 up 0.91% and 0.63%, respectively.
($1 = 7.1305 Chinese yuan)
Reporting by Amy Lv and Mei Mei Chu; Editing by Sherry Jacob-Phillips
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
